We will soon be approaching the New Year. This is often a time when people think about making a Will. It has been on their “to-do list” for some time and once in a new year, Clients feel this is the time to tick this off their list.
Keeping with Christmas spirit, here are Taylor Bracewell’s 12 Will facts: -
- It is extremely important to make a will to ensure that your assets pass to whom you want them to go to and to ensure your wishes are followed;
- Your estate does not necessarily automatically pass to your spouse;
- Common law wife/husband is a myth, therefore if you want your partner to inherit from your estate, you must make a Will stating this, otherwise, your partner will need to make a claim against your estate. This is an upsetting and costly process and can easily be avoided by making a Will;
- Your Executors can also be your Beneficiaries;
- Your Will is automatically revoked upon marriage unless you include a specific clause recording that it is made in contemplation of marriage to a named person;
- You can leave gifts and/or your estate to minor children on Trust to receive when they attain an age of your choosing i.e. 18, 21 etc;
- You can appoint Guardians confirming who should/ Will look after your children in the event of your death;
- You can make provision for your pets to be looked after;
- You can include details of your funeral wishes;
- You can include specific clauses to protect your property to ensure your family are provided for. This type of Will is common in second relationships or in consideration of potential care fees;
- Having made a Will, please ensure your Executors know where your original will is stored;
- Even after making a Will, it is important to review this perhaps every 3 to 5 years or in the event of a specific change in your circumstances to ensure that the Will still reflects your current wishes.
Talk to one of our friendly Wills, Probate and Trusts team if you need a Will writing or amending. They can be reached on 01302 341414 or 0114 272 1884